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Total SEC fines on DCG by end of 2025?
3
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Digital Currency Group and Genesis Global Capital to Pay $38 Million to Settle SEC Charges, Former CEO Soichiro 'Michael' Moro Fined
Jan 17, 2025, 06:15 PM
Digital Currency Group (DCG) has agreed to pay a $38 million civil penalty to settle charges brought by the U.S. Securities and Exchange Commission (SEC) for allegedly misleading investors about the financial health of its subsidiary, Genesis Global Capital. The SEC's action stems from the aftermath of the 2022 collapse of Three Arrows Capital, a major borrower of Genesis, which left Genesis with significant financial exposure. The SEC alleges that DCG and Genesis executives, including former Genesis CEO Soichiro 'Michael' Moro, engaged in misleading public disclosures and financial maneuvers, including executing a $1.1 billion promissory note, to project an image of financial stability. Moro has been fined $500,000 and barred from engaging in negligent conduct that misleads investors. Genesis filed for bankruptcy in 2023, leaving investors with substantial losses. The settlement includes a cease-and-desist order to prevent future violations of securities laws.
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Three Arrows Capital • 25%
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Digital Currency Group • 25%
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